Vessel sank so contract for revenue was also lost. How to account for lost contract revenue in ProSeries?

Forum|Forum|6 years ago
December 7, 2019
5 replies
0 views

Form 1065x and 1040x

ProSeries Professional

This topic has been closed for replies.

Best answer by George4Tacks

Only if they were reporting on an accrual method and had already included the total contract as revenue.

Just-Lisa-Now-

Intuit Community Champion

You cant lose something you never got, you just have less income to report.....or is the business on accrual basis and has already included the income they would have received as income?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

I

ihateintuitsometimesAuthor

Level 2

As I thought, but was hoping there was some way. They did not include lost revenue in their insurance settlement which was equal to their basis in the lost assets. (not even FMV)

George4Tacks

Level 15

They will possibly have a gain or loss on the disposition of the vessel. Sounds like they did not have proper insurance coverage if they did not get lost revenue.

Answers are easy. Questions are hard!

I

ihateintuitsometimesAuthor

Level 2

Thank you George and Lisa. Poor representation and lack of business administration skills resulted in an enormous loss carryover that can't be used because there is nothing left of the business.

George4TacksAnswer

Level 15

Only if they were reporting on an accrual method and had already included the total contract as revenue.

Answers are easy. Questions are hard!

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded